No Faxing Cash Advance Loans – Understanding Late Fees And Interest RatesCash advance loans get money in​ your hands in​ a​ matter of​ hours for those financial emergencies .​ With no faxing of​ documents,​ the​ application process takes less than five minutes .​ And with no credit check,​ approvals happen in​ no time.To find the​ best deal on​ a​ payday loan,​ understand late fees and interest rates .​ Then ask about them before signing up with a​ lender.How Cash Advance Companies Charge Their FeesCash advance loans are designed for a​ matter of​ weeks,​ so lenders charge a​ flat fee rather than an​ interest rate .​ Most lenders post their fees as​ so much to​ borrow a​ hundred dollars .​ On average,​ financing fees are about 15% or​ $15 for every $100 borrowed.If you​ can’t repay the​ loan,​ then just the​ financing fee is​ due .​ For another financing fee,​ your loan term can be extended .​ Many states have limitations on​ often you​ can refinance your loan .​ After three times,​ most lenders will create a​ payment schedule for you.The Trap Of Late FeesPayday loan companies deduct your payment from your checking account .​ So if​ there are no funds available,​ you​ will be charged a​ large late fee .​ Your bank will also charge you​ a​ NSF fee .​ It is​ very easy to​ rack up over a​ hundred dollars in​ late fees.If you​ have outstanding checks,​ you​ won’t be able to​ get a​ payday loan .​ But cash advance companies are willing to​ renegotiate your loan terms before they are late .​ Before your payment is​ due,​ make arrangements with your lender if​ you​ are short of​ funds.And Then There Are Interest RatesMost payday loan lenders post an​ interest rate in​ compliance with federal law .​ This rate is​ the​ APR,​ or​ what the​ loan would cost for an​ entire year .​ While this number can help you​ make comparisons between different types of​ credits,​ it​ isn’t the​ flat fee number for a​ two week loan.APR rates,​ financing fees,​ and late charges vary with different lenders .​ You can save yourself money by researching fees .​ Lenders have to​ disclose loan costs before you​ sign a​ contract,​ so request them before applying.